"Innovative Market Solutions to Help Businesses Make Informed Decisions"

U.S. Steel Wire Market Size, Share & COVID-19 Impact Analysis, By Grade (Carbon Steel, Stainless Steel, and Alloy Steel), By End-use Industry (Automotive, Construction, Energy, Agriculture, and Others), and Country Forecast, 2023-2030

Last Updated: June 24, 2024 | Format: PDF | Report ID: FBI109092

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The U.S. steel wire market size was worth USD 4.78 billion in 2022 and is projected to grow at a CAGR of 4.9% during the forecast period.


The market growth is attributed to the rising demand from the construction sector. Growing construction and infrastructural activities in the U.S. are boosting the demand for steel products, including steel wire. Industries, such as construction, automotive, and general manufacturing, were severely impacted during the pandemic due to various factors, including raw material shortages, supply chain disruptions, labor shortages, and strict government regulations. However, post-pandemic, companies in the market have ramped up steel wire production to meet the growing product demand.


U.S. Steel Wire Market Trends


Increasing Adoption of Stainless Steel Wire in Medical Sector is a Recent Trend


Stainless steel wires are progressively used in medical applications due to exceptional properties, such as durability, corrosion resistance, and mechanical properties. The main areas of applications are primarily the medical devices used in diagnosis and study, innovative surgical techniques such as laparoscopy, and the conventional areas of grafts, as well as surgical diverse parts. The stainless steel wire can be in various presentations, including round, flat, or shaped wire and forms, such as mesh, straightened cut lengths, braided cables, and others. Continuous developments in medicine permit minimally invasive interference through arteries and veins. These wires are found in intra-arteria stents, guide wires, angioplasty catheters, diagnostic catheters, and aneurysm clips. Thus, stainless steel wire is an essential item in the gradually diversified and fast-growing medical sector in implants, surgery, and sophisticated devices.


U.S. Steel Wire Market Growth Factors


Growing Adoption of EVs to Fuel Market Expansion


The transportation system is the major source of climate-changing greenhouse gas emissions in the U.S., making it critically important to accelerate the adoption of Electric Vehicles (EVs). Growing adoption of EVs owing to the increasing awareness consumers is driving the U.S. market. The demand for EVs could bring in a volume increase for companies operating in cables and wires.


According to the Center for Sustainable Energy (CSE), battery electric vehicles make up 6.7% of light-duty vehicles sold in the U.S. When you add hybrid and plug-in hybrid vehicles to this number, EVs comprise a total of 16% of light-duty vehicles sold.


RESTRAINING FACTORS


Adoption of Plastic Ropes to Hinder Steel Wire Market Growth


Plastic ropes are being utilized in various industries, including the defense industry, marine industry, petroleum industry, port and dockyards, electricity boards, railways and agriculture, and transport industry. Different types of plastic ropes, such as Polypropylene (PP), Nylon, Polyethylene Terephthalate (PET), High Modulus Polyethylene (HMPE), and specialty fibers find an extensive range of applications of plastic rope, and this is expected to hinder the market growth for steel wire ropes.  For instance, PP ropes are usually used for cargo securing and transportation and are also used for lifting heavy loads on construction sites.


Moreover, plastic ropes are used for numerous agricultural applications, such as securing loads, fencing, and trellising. As agriculture becomes more automated and proficient, the demand for durable ropes in these applications is expected to grow. PP ropes are also used in the formation of agricultural netting for crop support, safety, and harvesting.


U.S. Steel Wire Market Segmentation Analysis


By Grade Analysis


Based on the grade, the market is divided into carbon steel, stainless steel, and alloy steel.


The carbon steel segment accounted for the largest U.S. steel wire market share in 2022 and is projected to continue its dominance over the projected period. Due to exceptional properties, such as hardness, high wear resistance, strength, and durability, carbon steel is readily used in cutting tools, springs, high-strength wires, and dies. This is expected to drive segment growth during the forecast period.


The stainless steel segment is expected to experience the highest growth over the forecast period. Stainless steel wires manufacture metallic nets, cable wires, screws, springs, and others. They are also used in medical springs, automobiles, welding electrodes, and household applications.


By End-use Industry Analysis


Based on end-use industry, the market is segmented into automotive, construction, energy, agriculture, and others.


The construction segment held the largest share in 2022 and is predicted to be the fastest growing segment over the forecast timeframe. Growing usage of steel and other metals for manufacturing various construction equipment and infrastructure development is influencing growth. Increasing usage of steel wires for applications, including tramway construction, marine construction, elevators, and electrical constructions, is likely to foster segment growth. For instance, according to Inland Rivers, Ports, and Terminals, Inc. (IRPT), there has been a significant number of port restoration and construction activities in various states across the U.S. in 2022.


The automotive segment is expected to grow with a significant CAGR by 2030. This growth is attributed to the increasing demand for steel wires from the automotive sector in applications such as exhaust lines, wire braids, automobile fasteners, and steel cables. These products are further used to fasten multiple automotive components, including bolts, rivets, nuts, washers, and others.


List of Key Companies in U.S. Steel Wire Market


Key players in the U.S. steel wire market include Heico Companies’ Metal Processing Group, Optimus Steel, WireCo WorldGroup Inc., Insteel, and others in terms of the competitive landscape. Companies compete on the basis of product prices and application characteristics. They focus on product innovation, social marketing, acquisitions, and collaborations.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • June 2023: Optimus Steel, the Electric-Arc-Furnace (EAF) steel producer, accomplished the first phase of melt shop upgrades. This will boost the production of wire rods, coiled and straight rebar of the company. The company will have a mill capacity of 800,000 tons for wire rods and another mill of 800,000 tons for rebar.

  • March 2020: Insteel Industries, Inc. invested USD 22.5 million to acquire the assets of strand-tech manufacturing, which produces prestressed concrete strands, particularly for concrete construction applications.


REPORT COVERAGE


An Infographic Representation of U.S. Steel Wire Market

To get information on various segments, share your queries with us



The market research report examines key factors such as companies, products, and applications. It also covers market trends and highlights noteworthy industry advancements. The study provides different variables that have contributed to the market growth in recent years. It includes the industry's historical data, the latest market dynamics, opportunities, and revenue growth estimates.


Report Scope & Segmentation













































ATTRIBUTE



DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 4.9% from 2023 to 2030



Unit



Value (USD Billion) Volume (Kiloton)



Segmentation



By Grade



  • Carbon Steel

  • Stainless Steel

  • Alloy Steel



By End-use Industry



  • Automotive

  • Construction

  • Energy

  • Agriculture

  • Others






Frequently Asked Questions

Fortune Business Insights says the market was worth USD 4.78 billion in 2022.

The market is expected to exhibit a CAGR of 4.9% during the forecast period (2023-2030).

By grade, the carbon steel segment accounted for a substantial share of the market.

Consolidated Industries, Pacific Forge Incorporated, Weber Metals California, and Wyman Gordon are the top players in the market.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2019-2030
  • 2022
  • 2019-2021
  • 125

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Chemicals & Materials Clients

Citibank
Mobil
3M
Mckinsey
Kpmg

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X